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the economy. this is video of the campaign release of the president wiping away tears as he thanked young members of his campaign staff in chicago. >> today he's going to talk about the tough situation ahead. automatic tax hikes and severe budget cuts that will go into effect in january it's called the fiscal cliff. the congressional budget office said yesterday if all the taxes and spending cuts take place, tax hikes in spending cuts, it will push the country's unemployment rate above 9% within a year. >> now virginia is planning its own cuts as a result. ko im is live from capitol hill with more. good morning ko. >> reporter: good morning andrea and mike, the next six weeks are crucial. the ticking time bomb as you said set for january 1st. the talks around taxes in d.c.. half a million federal workers, contractors and subcontractors could lose their jobs and d.c. could get hit big as well for metro losing $30 million. possibly. virginia also bracing for the those cuts across the board. the commonwealth has seen a sluggish economy and officials are worried that if a deal doesn't happen,
cuts that could cripple the local and national economy. the president and a group of bipartisan congressional leaders will hold their first fiscal cliff meeting on friday. republicans and democrats of course taking to the sunday talk shows with their agendas but both sides did indicate there could be a growing bipartisan consensus that any solution must include a combination of spending cuts and revenue increases. >>> in the other financial headache hanging over global economies, there is a step forward to tell you about in the greek debt crisis. greek lawmakers have approved the country's 2013 austerity budget. this is a key step in greece's efforts to persuade its internional creditors to unblock a rescue loan installment. without this the country will go bankrupt. >>> it's going to cost you a little bit more to prepare the thanksgiving meal this year but the total cost would actually have been lower this year if it weren't for the bird. the american farm bureau of federation estimate it is will cost you $49.48 to feed ten people. the turkey, all the fixings, that's up only 28
cripple the local and national economy. so congress has just 16 scheduled working days to stop that from happening. what will the likely solution be? probably putting off a fix. instead of trying to wrangle a compromise, congress will likely pursue one of several options. a public policy and lobbying law firm, a big time washington institution released a 124-page paper. it predicts what will happen in the next 50 some odd days. a plan getting a lot of attention. lawmakers from both sides of the aisle have floated a short- term downpayment. this would cut $20 billion to $75 billion right now and delay the bigger picture $600 billion goal for three to six months, maybe as long as a year. the power brokers in these talks could very well become the gang of eight. this is a bipartisan group of senators. they have actually worked together in the past to hammer out deals. among them is virginia senator mark warner. he will be one to watch over the next two weeks. the president and a group of bipartisan congressional leaders will hold their first fiscal cliff meeting on friday. republicans and d
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